Open-Source Incentive Platform DoraHacks Secures $8M in Funding from Binance Labs

DoraHacks is a global hackathon organizer, as well as one of the more active Web3 developer communities in the world.

• According to a press release shared with CryptoPotato, DoraHacks managed to secure $8 million in funding from Binance Labs – the venture capital arm of the world’s leading exchange – Binance.
• DoraHacks represents one of the most active Web3 developer communities in the world, and it provides on-chain toolkits to help developers around the world when it comes to raising funds for their startups.
• Per the release, over 1,000 projects have received more than $12 million in grants and donations from supporters around the world.
• Speaking on the matter was Bill Chin, Head of the Binance Labs Fund, who said:

Backing early-stage startups and developers have always been a strategy for Binance Labs. DoraHacks is one of the largest multi-chain developer communities with great Web3 projects emerging. Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world. As one of the initiatives, Binance Labs and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program.

• Some of the areas that the two teams plan to work on together include grants, funding, as well as incubation resources to back additional early-stage Web3 startups.